Bankruptcy helps consumers and businesses get rid of their debts and repay their creditors. There are usually two types of bankruptcy options: liquidation or reorganization.  Any debt remaining after either option can be discharged, if it is eligible. Liquidation has the debtor give up non-exempt property to be sold, with all of the profit going to the creditors.  Exempt property remains in the hands of the debtor. Reorganization allows the person in debt to keep possession of his/her property as long as they accept an installment plan to partially pay back creditors the amount owed.

JEP lawyers working on Bankruptcy provide services that may include:

Chapter 7 and Chapter 13 proceedings which are the most common for individuals.

  • Chapter 7 bankruptcies normally fall in the liquidation category. This means that if you choose this option and own non-exempt property, it could be taken and sold in the process of liquidation in order to pay back your debts.  However, many debtors do not have enough property to require a liquidation, and are granted a discharge of their debts.
  • Chapter 13 bankruptcies generally fall under the reorganization category, meaning that you will probably be able to keep your property, but you must submit and stick to a plan that will allow you to repay some or all of your debts within 36 to 60 months (3 to 5 years).
  • Seth McCormick

    Great Lakes Consumer Law, LLC

    Serves in Cook, Kane, and Lake Counties

    Seth McCormick protects consumers and small businesses from the monied interests of banks, lenders and debt collectors. Seth spent the lion’s share of his career representing banks and hedge funds in collecting money owed to creditors. Now, Seth uses the tools and laws afforded to consumers to stop these institutions in their tracks. As an experienced litigator, Seth believes there are meaningful solutions for his clients that provide for efficient resolution of their problems. Seth can help you if you are facing foreclosure or debt collection. He can also represent you if you are being harassed by creditors, if you have been taken advantage of by a company, if a company or creditor is unfairly making negative reports to credit reporting agencies, if a company has engaged in unfair or deceptive trade practices in your dealings with them. If you are involved with a lender, a collection agency, a credit bureau or any other creditor, Seth McCormick can help. Seth represents people from all walks of life. He encourages you to contact him regardless of whether or not you think you can afford it. There are creative ways to structure payment, and it is possible that for certain claims he can represent you at no charge.

    Seth can be reached at or (312) 971-6787. This firm does not charge a consultation fee.

  • Jason Shimotake

    The Shimotake Law Firm, LLC

    Serves in Cook, DuPage, Kane, Lake, McHenry, and Will Counties

    Jason Shimotake is an experienced attorney dedicated to helping people get out of debt. He honed his skills on the Southside of Chicago – in neighborhoods like Chatham, Roseland and South Shore – filing Chapter 7 bankruptcy and Chapter 13 bankruptcy. Jason’s tenure in debt and financial counseling spanned the collapse of the housing market and an economic recession. He heard the stories of strong and resilient people who suddenly lost their jobs. The mother and father of three beautiful girls, on the verge of losing their home to foreclosure. The single mother piecing together rent and daycare expenses with two part-time jobs. Hard-working people who found themselves with nowhere to turn to. Those stories changed Jason’s life. These stories are what push him to to do more. He has counseled thousands of clients through difficult financial times. Jason’s mission is to see what he can do to make sure that you are safe. He’s here to help.

    Jason can be reached at (312) 620-6499 or This firm does not charge a consultation fee for standard 30 minute consultations. The firm charges $150 for a one-hour consultation that includes document review and a written memo.